The Labor Department said that the number of Americans seeking unemployment aid fell by 7,000 last week, driving the four-week average to the lowest point in five years.

Markets appeared to take the weekly data, which can be volatile, as a prelude to the critical February jobs report that will be released Friday.

Economists believe the country added 152,000 jobs last month, and that the unemployment rate fell to 7.8 percent, from 7.9 percent.

Also on Thursday, the Commerce Department reported that the nation's trade deficit widened in January to $44.4 billion, an increase of 16.5 percent from December.

However, December saw exports soar to near-record highs, which drove down the trade deficit. The latest report shows U.S. exports falling 1.2 percent, reflecting declines in sales to Europe, China, Japan and Brazil.